Trump Admin Refunds $100 Billion in Struck-Down Tariffs Amid Ongoing Trade Spat
The Trump administration has refunded over $100 billion in 'liberation day' tariffs after they were struck down by the Supreme Court. The refunds, which represent about 60% of the total tariff revenue collected, were made to companies that paid the duties as per a court order issued in March. The Supreme Court had ruled that President Donald Trump exceeded his authority by imposing the tariffs under the International Emergency Economic Powers Act (IEEPA) last year.
The 'liberation day' tariffs were part of a broader trade policy aimed at targeting countries, including Canada and the European Union, for allegedly failing to adequately ban goods made with forced labor. The Trump administration has maintained that its use of tariffs is justified in boosting the US economy, despite facing legal challenges from multiple states and other trading partners.
In related news, President Trump recently stated at a rally in Las Vegas, 'Tariffs are my favourite word. I love tariffs cause we've been screwed by tariffs used against us for years by China, by Japan, by South Korea, by Germany, by everybody, by Canada.' He also targeted Canada specifically, calling them 'nasty.'